Inflexion, a leading European mid-market private equity firm, is pleased to announce the successful close of Inflexion Continuation Fund I (the “Continuation Fund” or “the Fund”) at £2.3 billion, the largest multi-asset continuation fund raised in Europe to date. The Fund will provide four Inflexion portfolio companies with the opportunity to continue their ambitious growth plans with a particular focus on M&A, whilst providing existing Inflexion investors with significant liquidity together with the opportunity to re-invest.
The Fund consists of a diversified portfolio of global leaders and category champions across a broad range of resilient sectors, all well positioned to benefit from favourable market tailwinds. The investments will follow Inflexion’s repeatable and proven strategy for value creation, including ongoing international expansion, continued execution of organic growth initiatives, and M&A. A significant portion of the capital has been raised to support transformational M&A. The four investments in the Fund are:
• Aspen Pumps: A global manufacturer and distributor of condensate pumps, tools and accessories
• Rosemont Pharmaceuticals: One of the UK’s leading liquid pharmaceuticals businesses
• Ocorian: A leading global fund, corporate and fiduciary services platform
• CNX Therapeutics: A European speciality pharmaceutical platform dedicated to the supply of essential medicines
The transaction provides existing Inflexion investors with a realised return of 3.4x, a 28% IRR and net proceeds of £1.5 billion. These realisations continue Inflexion’s track record of delivering market leading returns and consistent outperformance. Since inception, Inflexion has achieved 71 exits delivering a realised return of 3.4x and IRR of 33%.
Inflexion Continuation Fund I, which was oversubscribed, was underwritten by Carlyle AlpInvest, HarbourVest Partners and Lexington Partners as lead investors with further capital from a number of existing and new investors.
Aspen, Rosemont, Ocorian and CNX all have clear growth strategies and we are excited to continue to partner with them. In particular, there is a significant opportunity to turbocharge their growth through M&A.
We are delighted to have raised our first continuation vehicle, representing a strategic milestone for Inflexion and delivering significant liquidity to our investors. We look forward to working with the investors in this latest fund as we continue to support the ambitious growth of Aspen, Rosemont, Ocorian, and CNX.
The transaction is subject to applicable regulatory approvals.
As part of this transaction, Evercore Private Capital Advisory acted as lead financial advisor while Jefferies and William Blair acted as financial advisor to certain affiliated Inflexion Funds. Kirkland & Ellis LLP served as legal counsel to the Inflexion Funds.
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